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Updated about 4 years ago, 09/22/2020

User Stats

122
Posts
43
Votes
Jacob Beg
  • Woodbridge, VA
43
Votes |
122
Posts

Purchasing a second trust from foreclosure auction-Process?

Jacob Beg
  • Woodbridge, VA
Posted

Hi All:

I usually purchase 1 lien positions from foreclosure trustee sales. I have never purchases a 2nd trust before, but came across a property where the 2nd trust is being sold via trustee foreclosure sale. Understandably, the winning bidder for the 2nd trust is responsible for the 1st lien. 

My question is to do with the process. How does the successful bidder of the 2nd trust go by paying off/purchasing the 1st trust to complete ownership of the property. Do you need the previous owner's consent to payoff that mortgage?  Is this an automatic right of the successful bidder of the 2nd trust or are there any other caveats involved? The property is located in MD. 

Thanks in advance. 

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